Safeton owns 100 percent of the outstanding stock of Mayliner. When Safeton prepared its consolidated financial statements on December 31, the accountant noticed that Safeton loaned $80,000 to Mayliner on July 1 of that year. Accrued but unpaid interest on the loan as of December 31 totaled $6,800. REQUIRED: Provide the journal entry to eliminate the following:

a. The intercompany note receivable/payable

b. The intercompany interest receivable/payable

c. The intercompany revenue/expense